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TODAY'S OTHER NEWS

Lenders compete to offer cheap high-LTV loans

Three lenders have launched new residential mortgages aimed at buyers needing higher loan-to-value (LTV) deals.

Yorkshire, Leeds and Teachers building societies have unveiled new deals aimed at first-time buyers and those with low deposits.

Yorkshire Building Society aims to help first-time buyers get on to the property ladder with a two-year fixed rate charging 2.38% for borrowers with a 10% deposit.

The mortgage, which has a £1,345 fee, has been launched as part of a range of rate reductions.

This includes a two-year fixed rate mortgage at 3.09%, which has no product fee, free valuation and £250 cashback on completion and is also available to 90% LTV.

Yorkshire also offers a 2.49% two-year fixed rate mortgage to 90% LTV with an £845 product fee.

Mortgages manager Brendan Gilligan said: “These new fixed-rate mortgages are designed to help people with low deposits buy the home of their dreams.”

Leeds Building Society has launched a Help to Buy equity remortgage range with £1,000 cashback.

The new mortgage starts from 2.29% up to 75% LTV for loan sizes between £150,000 and £300,000.

There is also a version at 2.39%, again up to 75% LTV, with a maximum loan size of £150,000.   

Both versions of the fee-free mortgage come with £1,000 cashback, provide a free valuation worth up to £560 and are available through intermediaries for borrowers in England, Scotland and Wales.

Martin Richardson, director of business development, said: “We’d expect the new fee-free versions with £1,000 cashback and free valuation to be attractive to remortgagors who are looking to keep down the cost of switching to a new deal.”

Teachers Building Society has lowered the rates on some of its low deposit mortgages and made its 95% LTV mortgage available to all teachers in England and Wales.

The new rates include a 4.39% three-year fixed rate mortgage and a 3.89% two-year variable rate mortgage.

James Bawa, chief executive of Teachers, said: “We are delighted to roll out a 95% LTV mortgage to all teachers across England and Wales and to lower our 90% LTV mortgage rates to teachers and residents in Dorset, Hampshire and Wiltshire.”

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